(Bloomberg) -- Treasury Secretary Janet Yellen said she’s increasingly confident that the US will be able to contain inflation without major damage to the job market, hailing data showing a steady slowdown in inflation and a fresh influx of job seekers.Most Read from BloombergIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiBoss of Failed Crypto Exch
“I am feeling very good about that prediction,” Yellen said Sunday when asked about her previous hopes that the US would avoid a recession while still reining in consumer-price gains. “I think you’d have to say we’re on a path that looks exactly like that.”
“Every measure of inflation is on the road down,” Yellen said. She also highlighted that while the US unemployment rate increased in August after reaching the lowest levels in more than a half-century earlier this year, that jump wasn’t caused by a large wave of layoffs. With other figures showing sustained gains in consumer spending and signs of stabilization in the housing market despite a surge in mortgage rates, economists have been abandoning or postponing their calls for a recession.For their part, Goldman Sachs Group Inc. economists now see just a 15% chance the US will slide into recession, down from 20% previously.
“I think they have quite a bit of policy space if they decide that it’s necessary to use it,” Yellen said in the interview. “They’ve made what to me seem like relatively small adjustments in monetary policy.” India — which hosted the G-20 summit and is also a BRICS member — has an enduring border dispute with China, and Xi’s absence in the New Delhi gathering this weekend stoked speculation of a snub to his giant neighbor.
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